Down 29% in the Past 3 Months, is Now a Good Time to Scoop Up Shares of Penn National Gaming? By StockNews

Casino and gaming operator Penn National Gaming (NASDAQ:) saw its share price slump 29% over the past three months. The company’s expanding footprint and unique omni-channel platform have established it as the nation’s largest regional gaming operator. However, given that its expansion plans could face bumps in the road in the coming months, can the stock rebound? Let’s find out.
Penn National Gaming, Inc., (PENN) is a Wyomissing, Penn.-based gaming and live sports betting properties operator. It holds ownership interests in 41 gaming and racing properties across 19 states. Although COVID-19 related store closures and restrictions impacted the company’s land-based gaming properties last year, with nearly half the U.S. population now fully vaccinated, visitation and length of play has improved significantly across all its segments. PENN’s stock has gained 146.9% over the past year on strong revenues from the online Barstool Sportsbook and iCasino platforms.

However, its share price has tumbled 29% over the past three months and 11.6% year-to-date. The stock is now trading 46.2% below its 52-week high of $142, which it hit on March 15.

While PENN has successfully launched its online Barstool Sportsbook in Michigan, Pennsylvania, Illinois, and Indiana, the company’s expansion plans could hit a hurdle given that sports betting is still not legal in many states. Furthermore, PENN’s stock is currently trading lower than its 50-day and 200-day moving averages of $82.12 and $87.95, respectively, indicating a downtrend. So, the stock’s near-term prospects look uncertain.

Continue reading on StockNews